The Co-founder and Chief Executive Officer of cross-border payments company Grey, Idorenyin Obong, has urged African businesses to reduce their dependence on the US dollar when conducting trade within the continent.

Obong said African companies should be able to pay suppliers in other countries directly in their respective local currencies without routing transactions through the dollar.

He made the call on Thursday while speaking with journalists on the sidelines of Moonshot 2026, organised by TechCabal at the National Theatre in Lagos.

He identified foreign exchange liquidity and payment reliability as major challenges affecting businesses involved in international transactions.

Obong explained that a Nigerian company paying a supplier in Kenya might have to convert naira into US dollars before exchanging the funds for Kenyan shillings, creating additional transaction steps and costs.

He said Grey had developed direct currency conversion routes to eliminate the need for intermediary currencies in supported transactions.

According to him, the company's payment infrastructure enables customers in Nigeria, Kenya and Ghana to send and receive money across borders, with liquidity arrangements supporting transactions in multiple currencies.

He added that the system facilitates real-time settlement in several supported currencies, helping businesses manage cross-border payments more efficiently.

Obong also identified delays in international payments as another challenge facing African businesses, noting that uncertainty over when funds would arrive could disrupt procurement and commercial relationships.

He said Grey had invested in payment infrastructure to improve the reliability of international transfers and provide customers with estimated delivery times.

The company, he disclosed, had processed more than 40 million transactions valued at nearly five billion dollars since its establishment.

Its business platform, Grey Business, had also processed almost 100 million dollars since its launch in February 2026, reflecting growing demand for cross-border payment services among start-ups and small businesses.

Obong said the company had expanded its payment services to China, allowing customers to settle supplier transactions in Chinese yuan.

Beyond business transactions, he said Grey was expanding services for individuals earning salaries from employers outside their countries of residence.

He explained that the company initially began operations in 2020 as a currency exchange service but later introduced foreign currency accounts after identifying difficulties customers experienced when receiving international payments.

This led to the introduction of Paycheck, a salary product that enables professionals earning in US dollars, British pounds and euros to receive and manage their earnings.

The product is integrated with Pouch, Grey's savings feature, which allows users to set aside funds towards financial goals such as education, travel and major purchases.

Obong said the company intended to provide financial services that would enable customers to receive, manage and save their foreign earnings through a single platform.

The call for reduced dependence on the dollar comes amid wider efforts across Africa to strengthen regional trade and develop payment systems that facilitate direct settlement in local currencies.

One such initiative is the Pan-African Payment and Settlement System (PAPSS), which was developed to support cross-border payments in African currencies and reduce reliance on foreign intermediaries.

However, differences in financial regulations, currency volatility, liquidity constraints and limited interoperability among national payment systems continue to affect the expansion of intra-African trade.

Obong's remarks underscore the role of private financial technology companies in addressing some of these challenges through payment infrastructure and currency conversion services.

Moonshot 2026, held on October 28 and 29, brought together technology companies, investors, entrepreneurs and other stakeholders to discuss innovation, investment and business opportunities across Africa.